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Subject Topic: what is the best way to practice JE’s? (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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venus girl
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Posted: 29 Jul 2010 at 17:58 | IP Logged  

I am still having problems with JE's and I know FAR test them a lot.  I can study and study them but I get confused...what is the best way to practice them?
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ews1949
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Posted: 29 Jul 2010 at 18:09 | IP Logged  

Good question, any specific website that lists the JE?
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1tryCPA
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Posted: 29 Jul 2010 at 19:33 | IP Logged  

Try to understand what you need to accomplish with JEs. It's like a mathematical equation with the info you need to document for a specific accounting situation. I don't think there is an easy way to study just JEs.

when I cover material, I start with a JE to understand what is going on.
I actually do JE for almost all FAR questions where it is possible. If it balances, you have a right answer.


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joshuabcrutcher
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Posted: 29 Jul 2010 at 20:10 | IP Logged  

1tryCPA wrote:
Try to understand what you need to accomplish with JEs. It's like a mathematical equation with the info you need to document for a specific accounting situation. I don't think there is an easy way to study just JEs.

when I cover material, I start with a JE to understand what is going on.
I actually do JE for almost all FAR questions where it is possible. If it balances, you have a right answer.

I'm with you here...  I know the concepts, formulas, well IMO.  But the journal entries do confuse me a bit - especially intercompany.  I have made FC for most of them to try to get a better feel for what is going on.

Making it a little tougher is that QB doesn't really present all the journal entries.  This just makes it tougher for me because I try to see it conceptually and it is difficult to because I do not work in a GL format usually.

Any other suggestions would be greatly appreciated. 



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divyagovil1
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Posted: 30 Jul 2010 at 06:59 | IP Logged  

Write down a JE on one side and prepare a T-account on the other side.

See what's coming in(increased) and what's going out (reduced). The above method helped me a lot !



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